MBC Holdings buys area bank building
Jonesboro Sun
Brian Smith
2/17/2008
Jonesboro - The Regions Bank building is becoming HBC Plaza.
Jonesboro-based MBC Holdings LLC has announced the purchase of the building at 2400 East Highland Drive from American Financial of Jenkintown, Pa.
"This latest acquisition will compliment our holdings in Jonesboro and throughout the country," said Bruce Burrow, Principal of MBC Holdings. "This property will give our corporate offices much-needed expansion opportunities while maintaining our relationships with Regions Bank and Arkansas State University. We are pleased that they will remain as tenants."
Burrow said no tenants would be affected by the transaction for the building, which was built in 1994.
MBC Holdings has been a tenant in the 47,000-square-foot building for more than 10 years. The building's other tenants include the Arkansas State University Administrative Offices and the Burrow-Halsey Realty Group.
Marty Belz of Memphis is Burrow's partner in MBC Holdings.
Last year MBC Holdings announced the purchase of Indian Mall from Warmack & Co., which built the property in 1967. The site will be redeveloped as The Shoppes at CaraLand.
In 2006 the developers opened The Mall at Turtle Creek on Highland Drive and Stadium Boulevard, anchored by Dillard's, J.C. Penney and Target.
The Jonesboro-based firm is one of the region's largest commercial property developers specializing in shopping centers and hotel properties. In addition to its Northeast Arkansas holdings, the group has invested in the Central Arkansas market with The Peabody Little Rock, the Hilton Little Rock Metro Center and a proposed development near the intersection of Interstates 30 and 40, The Shoppes at North Hills.
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